Which major retail companies have filed for bankruptcy since the coronavirus pandemic hit? Here's the list.
From legendary department stores to entertainment giants, the corona virus has apparently spared no one in destroying the US economy.
Falling consumer demand, lower maintenance expenses and home orders, which oblige certain companies to remain closed, continue to take their toll on a retail industry that has been struggling for a number of years as consumers focus on online shopping.
Even with the slow reopening of the economy as the lockdowns gradually wane, social distancing measures can continue for months. This will affect storage capacity for retail and restaurants. For some companies, these temporary changes could indicate major problems.
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Bankruptcy does not inherently mean that a company gives up its business - it's more of a financial restructuring - but there is news of upcoming changes.
Here is a list of all the major companies that have filed for bankruptcy since the beginning of the coronavirus.
Dean & Deluca
The New York City-based gourmet grocer filed for bankruptcy on March 31. He was one of the first companies to show signs of problems due to the effects of corona viruses. The company was founded in 1977 and taken over by Pace Food Retail in 2014.
Apex Parks, owner and operator of 14 family entertainment and water parks in New Jersey, California and Florida, filed for bankruptcy on April 8. A message from the company revealed that the closure is not intended.
FoodFirst, Bravo and Brio Restaurant Parents
FoodFirst Global Holdings, the parent company of restaurant chains Bravo Cucina Italiano and Brio Tuscan Grille, filed for bankruptcy on April 10. FoodFirst took over the brands in 2018.
True religion clothing
True Religion, a clothing brand known for its jeans, filed for bankruptcy on April 13. The company, whose trendy denim gained popularity in the 2000s, also filed for bankruptcy in 2017.
CMX Cinemas, a chain of cinemas with dine-in options, filed for Chapter 11 bankruptcy on April 25. The parent company Cinemex Holdings' cinemas just acquired the Star Cinema Grill, an ink-only deal six weeks earlier.
Rubies costume company
Rubies, which manufactures costumes, wigs, and other festive equipment, filed for bankruptcy on April 30. Rubies claims to be the world's largest designer and manufacturer of Halloween costumes.
The preppy retailer, carried by celebrities and buyers, filed for bankruptcy on May 4th. The company also owns Madewell, a brand for women's clothing and accessories.
Gold's Gym, which owns and operates over 700 gyms in the U.S. and internationally, filed for bankruptcy on May 4th. The company announced in a press release that it hopes to receive the submission by August 1, "if not earlier."
The luxury department store Neiman Marcus filed for bankruptcy on May 7. The centuries-old retailer is one of several traditional department stores that could get into trouble.
Stage shops (Bealls, Goody's, Palais Royal, Peebles, Gordman's and Stage Parent)
Stage Stores, which owns and operates nearly 800 locations in smaller and more rural communities, filed for bankruptcy on May 10. The brands sell a variety of goods, including clothing, cosmetics and household goods.
The Plano, Texas-based retailer was founded more than a century ago as one of the first department stores in the country. But it was a downturn when people turned to online retailers and fast fashion to shop. JCPenney has had financial problems for several years, and filed for Chapter 11 on May 15. The retailer announced that it will be announcing the first phase of store closure in the coming weeks.
Pier 1 imports
Household goods retailer Pier 1 Imports, who filed for Chapter 11 bankruptcy in February, announced on May 19 that it is seeking approval from the bankruptcy court and plans to do business as soon as possible. The company was unable to find a buyer due to the effects of the corona virus. Pier 1 has more than 900 stores nationwide.
Hertz Corporation, known for its car rental company, filed for bankruptcy on May 22. Hertz, which owns other brands like Dollar and Thrifty, saw a change of CEO last week for the fourth time in six years.
The discount household goods retailer filed for bankruptcy on Tuesday morning, May 27. The Texas-based company operates nearly 700 stores in 39 states.
Le Pain Quotidien
The French-inspired bakery and café chain Le Pain Quotidien filed for bankruptcy on May 27. The company's US-based unit, PQ New York, sells its locations to Aurify Brands, which owns the fast-casual chains The Little Beet and Five Guys Burgers, among others.
24 hour fitness
24 Hour Fitness, a chain of gyms, filed for bankruptcy on June 14. The company plans to reopen many of its locations during the corona virus reopening, but 133 locations will be permanently closed as part of the restructuring.
This list is updated weekly.
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